Determine the fair market value
Question: If a taxpayer gives or bequeaths items for which a ready market price does not exist (such as personal assets or unique items like artwork), what methods or types of information can be used to determine the fair market value (FMV)?
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If, as Jim says, neither $14.70 nor $8.00 represents "the cost " of the ne timer, how would better figure be computed??
The company sells lawnmowers for $895 each. The variable cost per lawnmower is $520. The company's monthly fixed costs are $84,500.
What methods or types of information can be used to determine the fair market value (FMV)?
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